The Community Loan Fund of the Capital Region officially opened its satellite office at 920 Albany Street in the Hamilton Hill neighborhood of Schenectady today. The Community Loan Fund will be located at the Schenectady County Business Center. The County is donating space to the Loan Fund for the office.
“Schenectady County is proud to be partnering with the Community Loan Fund and welcome them to Schenectady County,” said Tony Jasenski, Chairman of the Schenectady County Legislature. “We look forward to working with them as we continue our effort to improve our neighborhoods and bring the American dream of starting a business or buying a home to more of our residents.”
“The Hamilton Hill neighborhood of Schenectady is one of the most chronically distressed communities in the region. While community-based economic development alone can’t change that course, it is a critical piece of the redirect puzzle,” said Linda MacFarlane, Executive Director of the Community Loan Fund of the Capital Region. “Over the next three years, the Community Loan Fund will be investing $1.9 million in new loans within Schenectady to micro enterprises for business development, to non-profit organizations for housing and community improvement, and to individuals for home ownership and repair.”
In addition to the financing, the Loan Fund will be offering free training & technical assistance, as well as an 8-week business training course that is taught in partnership with The College of Saint Rose.
“The City of Schenectady is very enthused with the opening of a Satellite Office of the Community Loan Fund of the Capital Region in the Albany St Business District. This Office will not only be an added benefit to the business district but will offer new opportunities for homeownership to city residents. I look forward to working with the Community Loan Fund Staff and ensuring home ownership is made easy in Schenectady,” said Mayor Gary McCarthy.
Being “on the ground” and easily accessible is the best way to effect sustainable community development,” said MacFarlane. “We are thrilled to be joining with our community development partners in Schenectady to provide a stabilizing influence in Hamilton Hill as we all work to revitalize this important neighborhood.”
“The Chamber and the Schenectady business community have had an outstanding working partnership with the Community Loan Fund for years,” stated Chuck Steiner, President and CEO of the Chamber of Schenectady County. “Now, with a satellite location here in Schenectady, that partnership is enhanced one-hundred-fold.”
The office will be open Mondays and Fridays from 9-5, and Wednesday afternoons. Call (518) 436-8586 to make an appointment or for more information.
“I would like to extend a warm welcome to the Community Loan Fund’s newest home in Hamilton Hill. The good work done by this organization helps to provide economic mobility to those who work every day, but cannot get ahead due to circumstances beyond their control. I look forward to working with the Community Loan Fund to promote growth and sustainability in the Capital Region,” said Congressman Paul Tonko.
Incorporated in 1985, the Community Loan Fund of the Capital Region is a nonprofit financial institution whose mission is to promote sustainable community development efforts for economically underserved people and communities. It covers 11 counties, including: Albany, Columbia, Fulton, Greene, Montgomery, Rensselaer, Saratoga, Schenectady, Schoharie, Warren & Washington Counties. The Loan Fund provides access to capital by pooling investments and donations from socially concerned individuals and organizations, and re-lending it to non-profit organizations for housing and community improvement, to micro enterprises for business development, and to individuals for home ownership and repair, also offering training and technical assistance programs.